An Alberta condominium corporation wants to end the condominium status of its building so the property can be sold to a developer. Under the Condominium Property Act, how can condominium status be terminated?
Correct Answer
B) By a resolution passed unanimously by all owners, or by a court declaration
Section 60 of the Condominium Property Act allows condominium status to be terminated only by a resolution passed by all the owners unanimously, or by an application to the Court by the corporation, an owner, a registered mortgagee or a vendor under an agreement of sale. On such an application, s. 61 lets the Court declare termination if it is just and equitable having regard to the rights and interests of the owners as a whole.
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Previous Question
An Alberta condominium board wants to raise $500,000 through a special levy to build a new amenity room on the common property, which is a capital improvement. Under the Condominium Property Act, what owner approval is required before the board can approve the levy?
Next Question
An Ontario condominium corporation proposes to amend its declaration to change the percentages in which owners contribute to the common expenses. Under the Condominium Act, 1998, what written owner consent does the amendment need?